Amiad Water Systems posts pre-tax profits of $1.7m for the six months to the end of June - down from $3.5m last time. Revenue fell to $52.4m (H1 2015: $59.2m)and the gross margin was 39.2% (H1 2015: 40.1%). Operating profit fell to $1.9m (H1 2015: $3.9m). Chief executive Arik Dayan said: "During the period, the Company consolidated the progress made in 2015 and continued to maintain tight control over costs. The Irrigation segment was, again, the main contributor to revenue resulting from increased sales of new products in Australia and EMEA. "As expected, however, the Oil & Gas segment saw a reduction in projects, due to the effect on the industry from the continuing low oil price environment, and the Company also received significantly lower revenues from China and Turkey in H1 2016 compared with the same period last year due to a decline in the Industrial segment. "The first half finished with greater interest in our products as new contracts were signed and the momentum continued into the second half of the year with increased backlog as of July 2016. "Irrigation will continue to be the largest contributor to the revenues, Oil & Gas will be lower as expected and the Municipal segment is showing signs of recovery in Asia and Europe. "In the Industrial segment orders secured in the first half, in particular in China and USA, should support this segment's revenues in the second half. As a result, the Company expects to report second half revenues which are higher than in the first half."
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